
According to the Shanghai Metals Market, social inventories of primary aluminium built up 68,000 tonnes over the New Year’s holiday across eight major consumption areas, including SHFE warrants, to reach 561,000 tonnes as of Tuesday, January 3, 2023. On a week-on-week calculation, the inventories recorded a surge of 77,000 tonnes from 484,000 tonnes but 241,000 tonnes lower than in the same period last year.

The growth in inventories during the New Year’s holiday could be attributed to the increased arrivals of stocks across all the major markets, except Tianjin. Wuxi contributed the highest to the weekend rise, followed by Gongyi.
To know more about the current status of primary aluminium inventories, refer to the chart below:

Wuxi recorded a surge of 31,000 tonnes over the holiday to stand at 144,000 tonnes as of January 3, followed by a rise of 19,000 tonnes in Gongyi to peg at 100,000 tonnes. On a year-on-year basis, inventories in the former province stood 140,000 tonnes lower but that in the latter edged 19,000 tonnes higher.
Inventories in Linyi recently grew by 8,000 tonnes over the holiday to peg at 24,000 tonnes, while that in Nanhai increased by 5,000 tonnes to come in at 105,000 tonnes as of January 3. In Hangzhou and Shanghai, primary aluminium inventories rose 2,000 tonnes to hover around 74,000 tonnes and 37,000 tonnes, respectively, and that in Chonging inched up by 1,000 tonnes to clock at 4,000 tonnes.
Meanwhile, Tianjin continued to remain restrained at 73,000 tonnes.
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